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When driving the nation's highways Anna is known as something of a lead foot. The number of miles per hour over the speed limit varies, but has a mean of 7.5 mph and standard deviation of 2 mph. Unfortunately, the state in which she goes to college adjusts the fines so that the amount of the fine is given by the formula: F = 10(MPH) + 112, where F is the amount of the fine, and MPH is the number of miles over the speed limit. Let random variable F be the amount of her fine if she is randomly stopped for speeding.
a) What is the mean of F?
b) What is the standard deviation of F?
Demand
The willingness and ability of consumers to purchase goods or services at various price levels.
Revenue
The earnings a company garners from its principal operations, often through selling products and services to its clientele.
Supply
The total amount of a particular good or service that is available to consumers at a given price level in a given time period.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in its price; high elasticity indicates sensitivity to price changes.
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